Pine Grove up for collective sale at $1.95 bil

Pine Grove, the 99-year leasehold condo, is offering a collective sale at a minimum price of $1.95 billion. The price translates to a land rate of $1,434 psf per plot ratio (ppr). The condo development has achieved the requisite consensus for a third collective sale attempt.

Situated in District 21 with a gross plot ratio of 2.1, Pine Grove offers potential of up to 2,050 new units subject to approval from the authorities. It is within walking distance to Dover and Clementi MRT and local tertiary institutions, such as the National University of Singapore, Singapore Polytechnic and Singapore University of Social Sciences.

The tender for Pine Grove will close on Nov 29 at 3pm. After factoring in the additional 10% bonus gross floor area under various incentive schemes and including an estimated land betterment charge of $1.0084 billion for intensification and a lease upgrade for a fresh 99-year lease, the site will comprise of 893,218 sq ft.

Details of the Pine Grove condo (Source: EdgeProp Research). The former Housing and Urban Development Company estate houses 660 residential units, completed in 1984. The condo is situated off Ulu Pandan Road, and related listings can be checked out for more information.

Lumina Grand EC’s access to major roads promotes convenience and ease-of-living for its residents. Nearby malls such as Beauty World Plaza also offer a myriad of consumer options, further enriching the daily lifestyle of its residents.

Read also: Tender launched for GLS sites at Clementi Ave 1 and Pine Grove

This is the fourth collective sale attempt for Pine Grove since 2008, and its proximity to transport links and educational institutes makes it an attractive investment opportunity. Map of Pine Grove condo and its surrounding facilities. Source: EdgeProp LandLens (as at 14 September 2023).Related news:UOL-SingLand sells 29% of Pinetree Hill on launch weekend at initial average selling price of $2,460 psf

Situated in an established residential enclave, Pine Grove condo is up for collective sale, offering a minimum price of $1.95 billion. Its recent achievement of the requisite consensus for a third collective sale attempt, lends further credence to its potential of yielding up to 2,050 new units, subject to approval from the authorities. With a land rate of $1,434 psf per plot ratio, and its proximity to transport links and educational institutes, this makes Pine Grove an attractive investment opportunity. The tender will close on Nov 29 at 3pm.

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